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Stocks plunge on US banking woes

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Local share prices plunged as negative sentiment from the US banking sector pushed the PSEi below the 6,500 support level.

The main index fell 151.12 points or 2.31 percent to close at 6,393.33 with Conglomerates leading all sectors in the retreat. Volume rose to 968 million shares worth P6.78 billion as losers trounced gainers 143 to 49 with 47 unchanged.

“Philippine shares fell below the 6500 support as investors bet the collapse at Silicon Valley Bank could be the start of more banking headwinds in the US,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He noted that, “The DJIA fell after a plan to backstop depositors in Silicon Valley Bank failed to buoy bank stocks, as well as the S&P500.“

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse plunged amid concerns over the Silicon Valley Bank’s collapse. Not just at home, almost all markets, were in the red, as investors assessed the impact of SVB’s fallout to the banking sector.“

 

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